Cryptocurrency

Bitcoin Amsterdam panel discussion throws light on unfixable debt-based system

Bitcoin Amsterdam It opened on October 12th, promising three days of “learning, educating and inspiring the Bitcoin community.”

“The team behind Bitcoin magazine When Bitcoin 2022 We are progressing globally with our mission of hyperbitcoinization. “

The list of speakers includes many celebrities, including ex-Kraken Director of Growth Marketing Dan Held, podcaster Peter McCormack, Nexo co-founder Antoni Trenchev, and more.

The “Has Bitcoin Inflation Hedging Narrative Failed?” session kicked off with a panel discussion. Moderated by Dylan LeClair (Analyst), Jeff Booth (Author), Niko Jilch (Podcaster), Greg Foss (Trader), Philip Caradordevich (Prince of Serbia and head of strategy for the 3rd January startup) is deliberating the question.

During their introductions, the panelists all agreed that the current financial macro environment has reached its limits and that BTC offers a solution.

How did inflation get you here?

open discussionVoss described inflation as a false concept riddled with lies.

“It assumes that you measure system through system, and that becomes a big problem…”

For example, the narrative that 2% inflation is necessary for a productive economy to function is questioned by Foss as to why a 2% money theft is necessary for a nation-state to trade effectively. I asked

Furthermore, “everything you do” strengthens this system by decomposing seemingly unrelated structures intricately. In other words, as long as the credit-based system rules, there will be no outs.

According to Foss, Bitcoin provides an alternative system that, over time, will shatter the old system through collapse or prolonged inflation, thus repricing the market and eliminating coercion, fear and control. To do.

“What it is doing is re-pricing that whole system over time. You can change prices through a credit collapse, you can change prices through inflation…and hope, It transitions us to a new system that works in truth, abundance.”

Booth argued that it would be nearly impossible to make debt service payments based on current global production volumes.

Digging further, he explained that the total global debt is currently at $400 trillion. By contrast, the global economy he is valued at $100 trillion makes it difficult to raise the money needed to expand the debt.

Booth argues that this is an inherent flaw in credit-based systems, unfolding in real time under the guise of rising prices and depreciating currencies.

Bitcoin helps protect against currency depreciation

On the currency’s depreciation, Zilch said the government-backed attempts to combat inflation were sheer insanity. That is, helicopter money dropped to cushion the rising cost of living.

“We’re about to enter the stage. Here’s my opinion. Politicians will tell you how much money you can make when you vote for them. They’ll do it.” It will be printed on election posters.

please vote for me no please vote for me It won’t end like this…”

Referring to Europe’s energy shortages, Jilch points out that unlike fiat money, energy cannot be printed, making the situation worse than already portrayed in the mainstream media.

He fears the central bank will print all the money it needs and deal with the consequences later. It will take the form of more money printing. Thus leading to a cycle of higher prices and greater relief.

Karadordevich expressed his support for Bitcoin as a tool to solve inflation, in that it cannot inflate its value to zero due to its fixed supply.

“I think education and the way you reach out to people has finally given you an asset to store your energy, your time and your hard work.

Summarizing the merits of Bitcoin and fiat currencies, Booth said, through BTC Layer 2, you can get speed from technology instead of speed from debt. What this means is that for the first time humanity can use decentralization and trust together. Exciting times lie ahead in terms of where this technology will lead.

Posted In: Bitcoin, Macro

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